Emeren Group Announces Inaugural Solar Energy Storage Project in China

STAMFORD, Conn., Oct. 10, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that it has successfully completed the grid connection of its inaugural solar storage project on September 26^th in Ningbo, Zhejiang Province, China. This project has a capacity of 0.6 MW/1.2 MWh, operates behind the meter and is backed by a private long-term power purchase agreement (PPA) with a local off-taker. It has been strategically designed to yield high returns through daily price arbitration, emphasizing the Company's commitment to sustainable and financially responsible energy solutions.

Yumin Liu, CEO of Emeren Group commented, "We are absolutely thrilled to witness the successful operation of our inaugural solar energy storage project in China. This project marks a major milestone and represents a defining chapter in our journey toward becoming a leading global renewable energy company. In addition to this accomplishment, we currently have a portfolio of projects in the planning and execution phases in China, including several Commercial and Industrial (C&I) sized storage projects that are currently under construction. As part of our strategic vision, we plan to further expand our storage portfolio under our light IPP strategy. Furthermore, we remain steadfast in our commitment to executing our storage business strategies, solidifying our dedication to sustainable and innovative energy solutions."

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a pipeline of projects and IPP assets totaling over 3 GW, as well as a storage pipeline of over 6 GWh across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com.

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SOURCE Emeren Group Ltd